Examples of grace period in a Sentence
The terms of the loan allow for a ten-day grace period.
Recent Examples of grace period from the Web
The bid arrives just under a month after iHeart skipped a $106 million interest payment to creditors, which triggered a 30-day grace period to give it more time to restructure its sizable ($20 billion) debt and avoid bankruptcy.
Media: Euronews The five year grace period means students currently enrolled in the program will be able to complete the immersion language training.
The order goes into effect immediately, but companies will have a six-month grace period to ensure compliance.
The implication is that what is now an indefinite grace period would quickly disappear — and that Democrats would be without leverage and forced to accept more Republican demands in order to codify DACA.
The final plan provides what many City Market tenants asked for — a grace period for customers who shop or dine at the market.
If approved, there likely would be a months-long grace period before the new rules take effect, Turner said.
Businesses have campaigned for a grace period to allow them to prepare for the changes.
The students are subject to periodic tent checks but the line monitors will allow for grace periods in the event of extreme weather and other situations.
These example sentences are selected automatically from various online news sources to reflect current usage of the word 'grace period.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.
First Known Use of grace period
Financial Definition of GRACE PERIOD
What It Is
A grace period is a period of time, usually about 10 days, during which a past due amount can be paid with little or no penalty.
How It Works
Let's assume your credit card payment is due on December 15. You forget to make the payment. On December 20, you remember. By then, though, it's too late. Your bill is past due.
However, if your account has a grace period, you can make the payment and the creditor might not assess a late fee or other penalty.
Why It Matters
Past-due bills often incur late fees, higher interest rates, penalties and other charges. Worst of all, the creditor might report the late payment to the credit reporting agencies, leaving a black mark on your credit rating (and even lowering your credit rating). In some cases, a bill get so past due (say, 90 or 180 days), that the creditor considers the account in default and may charge off the balance. A grace period gives customers a chance to catch up quickly before it's too late. After that point, the lender might assign or sell the account to a collection agency, which will try to collect the balance.
GRACE PERIOD Defined for English Language Learners
Definition of grace period for English Language Learners
: an amount of extra time that someone is given to pay a bill, finish a project, etc.
legal Definition of grace period
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